The legacy market is growing fast, but this could be just the beginning. New territories, new lines, and new solutions are fuelling growth as run-offs leave behind their reputation as a last resort.
The legacy market is booming. In 2021, consultant PwC’s Global Insurance Run-off Survey showed brisk business being done. It is estimated that the global run-off reserve has increased from approximately $791 billion to $864 billion.
As PwC’s global insurance leader Jim Bichard put it at the time: “The legacy market has never been as active as it has been since our last survey, from a deals perspective, but also from a legacy management perspective within groups.”
That momentum carried on into 2022: PwC’s latest figures show the total value of executed deals in the non-life legacy market for the first quarter of the year surged 28 percent on the same period in 2021 to $4.2 billion.
PwC, DARAG, Guy Carpenter, Compre Group, Legacy, Panel, Discussion, Jim Bichard, Tom Booth, Will Bridger, Andrea Piatti, Global, Insurance, Reinsurance